516/2 Mcgoun Street, Richmond VIC 3121

1-bed apartment in Richmond | single garage included | 2043sqm site suggests low density | strong rental demand and yield This property offers a rare combination in Richmond’s apartment market: a true one-bedroom unit with a dedicated garage on a large 2043sqm lot, which implies a low-density building and better outlook than typical high-rise stock. The zoning for Richmond West Primary and Richmond High School adds long-term appeal for owner-occupiers or investors targeting families, while the rental estimate of $635–$755 per week signals strong income potential. It suits a buyer seeking a well-positioned unit with parking in a tightly held suburb, where 60% of properties are owner-occupied and only six have sold recently—indicating limited turnover and stable demand. The key risk is the short time on market (three days at listing), which may suggest the price point is at the upper end of buyer tolerance, or that the property needs more exposure to attract competitive offers. The 40% renter profile in the building could mean variable maintenance standards, and the lack of scheduled inspections requires proactive engagement. However, the 80% auction clearance rate in Richmond’s unit market and average 25-day selling period support a disciplined approach—offer at or slightly below the $540,000–$590,000 estimate range, and hold for capital growth driven by the suburb’s school catchment and low supply. Use this property as a core hold for steady rental income and moderate appreciation.